This is a quick and visual color changing knives routine with multiple phases that keep getting more impressive and more impossible.
You begin with a single red knife. As you wave your hand over it, it keeps changing color to white. This is done several times until you explain that you cheated by using a second knife that is hidden under your wristwatch.
To demonstrate the impossibility, you place the red knife under your watchband and the white one in your fist. They magically change places. You then place one in each hand and they change places, and as a finale you place the white knife in the spectator’s hand and the red one in yours. Under impossible conditions they change places.